Banking and Finance Saudi Arabia’s investments in Egypt hit over $6bn Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported. The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir. Bilateral trade exchange rose […] December 27, 2022
Banking and Finance World Bank approves $500m to expand social security in Egypt The World Bank’s executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country’s economy, the international cooperation minister said on Friday. The funds will support the government’s Takaful and Karama conditional and unconditional […] December 25, 2022
Economy Egypt’s central bank ups interest rates amid inflation worries Egypt’s central bank hiked overnight interest rates by a greater-than-expected 300 basis points (bps) on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25 percent and its […] December 23, 2022
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
Economy Egyptian shops face shortages as government acts to tame prices Supplies of basic foods at Egyptian supermarkets have been squeezed and some stores are rationing products, with shopkeepers blaming an import slowdown and speculation by traders as prices rise. Headline inflation has surged to five-year highs of more than 18 percent in Egypt, spurring many shoppers to cut back on purchases or switch to cheaper […] December 21, 2022
Economy IMF looks for Egyptian currency flexibility after December-end The International Monetary Fund (IMF) will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month, a senior IMF official said on Monday. The IMF’s executive board on Friday approved a 46-month, $3 billion […] December 20, 2022
Analysis Sustainability Green deals jump as Middle East returns to pre-Covid levels Mergers and acquisitions activity in the Middle East has returned to pre-pandemic levels, with green deals on the increase. A Boston Consulting Group analysis shows the Middle East recording 283 deals valued at $23.8 billion in the first three quarters of 2022, an increase of 16 percent compared to the same period last year. The […] December 19, 2022
Energy Egypt discovers large gas field in east Mediterranean Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, petroleum minister Tarek El Molla said. Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee. Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt […] December 19, 2022
Economy IMF approves $3bn financial support package for Egypt The International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion, the fund said in a statement. The package, extended fund facility, includes a flexible exchange rate regime and enhanced social safety nets to protect the vulnerable, the […] December 18, 2022
Economy Egypt and Arab countries trade exchange hits $22bn The volume of trade exchange between Egypt and Arab countries reached $21.9 billion during the first nine months of 2022, compared to $18.4 billion in the previous year, Ahram Online newspaper reported, citing the Egyptian Central Agency for Public Mobilisation and Statistics. Egypt’s exports to Arab countries climbed to $8.8 billion during the period, up […] December 16, 2022
London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 2022
Banking and Finance PIF said to buy Egypt’s United Bank for $600m Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire Egypt’s state-owned United Bank, Bloomberg reported, citing informed sources. The deal may be closed by month-end, they said. The sovereign wealth fund has nearly completed due diligence on the transaction, with plans to purchase the bank through its Egypt-based investment management firm, Saudi […] December 13, 2022
Manufacturing Beko starts work on $100m home appliance plant in Egypt Beko Egypt, a subsidiary of Turkey-based Arcelik, has laid the foundation stone for a new $100 million home appliance plant in Egypt’s 10th of Ramadan Industrial Zone, the company said in a statement. The investment is expected to boost the regional economy by creating more than 2,000 jobs. In addition, the factory will develop local […] December 11, 2022
Economy Egypt inflation rises to 5-year high of 18.7% in November 2022 Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday. The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency […] December 9, 2022
Banking and Finance Egypt expects approval of $3bn IMF package next week Egypt is expecting approval of a new $3 billion extended fund facility package from the International Monetary Fund (IMF) next week, deputy finance minister Ahmed Kouchouk said on Wednesday. Egypt’s finances remain fragile despite two major currency devaluations this year and the IMF package, which was announced in October as Egypt pledged to shift to […] December 8, 2022
Economy Egypt private sector shrinks in November after devaluation Egypt’s non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 […] December 5, 2022
Banking and Finance Egypt aims to issue first Chinese yuan-denominated bonds Egypt aims to issue its first “panda” bonds by the end of this fiscal year, deputy finance minister Ahmed Kouchock said on Sunday. “We are just waiting for the right moment,” Kouchouk told an event at the American University in Cairo. Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers. Earlier, […] December 5, 2022
Agriculture Egypt to restart export of agri products to Philippines Egypt will start exporting agricultural products to the Philippines after five years of negotiations, Reuters reported, citing the Egyptian Ministry of Agriculture statement. The first shipment of Egyptian citrus is expected to be exported during the current season. Egyptian agriculture exports from January 1 to August 24, 2022, reached around 4.49 million tons, Egypt Today […] December 4, 2022
Analysis Africa’s gas dilemma as Europe offers ‘get rich quick’ opportunity Africa is facing a dilemma: provide gas for Europe now with short-term economic gain or focus funding on the development of renewable energy sources, with long-term energy security, economic growth and stability. Driven by the opportunity to take advantage of soaring prices, gas-exporting African countries are adjusting their energy development plans to meet demand, particularly […] December 2, 2022
Economy Egypt’s economy may grow 5% on high public investments Egypt’s economy is expected to achieve overall growth of around five percent by the end of the current fiscal year, Ahram Online reported, citing minister of planning and economic development Hala El-Said. The anticipated growth is attributed to the resilience shown by the Egyptian economy due to the expansion in public investments, she said in […] December 2, 2022
